Mujtaba Helping Foundation, an NGO working to support needy people with food and treatment charges has now formally turned into a micro-financing institution this time to support petty businessmen and traders with an interest-free loan scheme.
The office of the institution was formally launched at MS Maqtha, Raj Bhawan Road that saw the presence of Vanam Sangeetha Srinivas Yadav Corporator Somajiguda Division, Mujahid Hussain, Managing Director Olive Hospital, Nanal Nagar Cross Road, Reti Bowli, Dr.Vinayak Pampathi, Managing Director VINN Hospital Begumpet.
Speaking on the occasion after launching the office on Friday, Shaikh Mohamed Mustafa Ahmed, President Mujtaba Helping Foundation, said “Initially we were focused on helping people in hospitals through serving them food and helping them in arranging affordable treatment at a reasonable cost for their near and dear.
However, we feel the same pain and agony for those poor and petty businessmen who were entangled in the dragnet of interest-oriented loans from different financial institutions or private financers and living their life full of suffering.
Thus we have decided to launch an interest-free loan to facilitate them with ease of repayment without imposing any interest. The petty businessman has to pay the only capital amount without any interest that too on easy installments based on daily, weekly or monthly repayment as per their earning capacity.”
Explaining that a total of 194 applications for a loan of Rs.10,000/- to Rs.1,00,000/- has been received from different sections of the society he said “As per the procedure we are scrutinizing the applications and will finalize them by the end of this month. We are receiving good response from all the sections of the society as the interest-free scheme was launched for the benefit of small traders, who are brassed-off with the interest-oriented loans being extended by the financial institutions.”
Nazimuddin Farooqui, Chairman Muslim Chamber of Commerce and Industry, Dr.Ahsanullah Khan, Managing Director Thumbay New Life Hospital, Anwar Ahmed Managing Director MS Group of Institutions, V. Srikanth, Chief operating Officer TX group of Hospitals, Sriramamurthy Health Wing NTR Trust, Dr.Syed Amjad, Ms.Asra Khatoon and Shaik Shareef Ex-Corporator Khairthabad are among the dignitaries presented on the occasion.